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The attractions of emerging markets debt● Strong emerging market fundamentals – Emerging markets as percentage of world better placed than many developed Contribution to world GDP 36% markets Contribution of emerging markets to aggregate 92% growth over the 3 year period Jun 2008 to Jun 2011● Significant and growing part of global Contribution to global trade 37% economy, with plenty of room for Government bonds outstanding (includes both 14% productivity gains domestic and international)● Growth accentuated by four accelerator Population 84% themes Total land surface area 74% − Favourable demographics Known oil reserves 86% − Commodity richness − History of fiscal and monetary reforms − Better fiscal situation Convergence to developed markets will lead to outperformance of EM assetsSource: IMF World Economic Outlook Database June 2011,BIS (Bank for International Settlements) June 2011,CIA World Fact book and EIA (US Energy Information Administration)Page 4 | Emerging Market Debt – risk asset or safe haven? | June 201209175

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Investecs key competitive advantages in EMD● A broad range of EMD strategies● A long history in Emerging Markets − More than 15 years experience in local and external bond markets and more than 10 years in emerging currencies − Local presence and experience across emerging asset classes gives us excellent insight in what drives emerging market returns● Tried and tested emerging market bond and currency processes − Built on proven local bond and global currency processes and long history in EM corporate investing● Systematic and disciplined approach identifies wide range of opportunities − Proprietary quantitative models provide objective input − Not overly reliant on one theme● Specialist and highly motivated team − Diverse and complementary skill set − Experienced professionals focused on emerging bond and currency marketsPage 18 | Emerging Market Debt – risk asset or safe haven? | June 201209175

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Strategic Bond, Global Bond and Global Strategic Income- How they differStrategic Bond Global Bond Global Strategic Income● Benchmark unconstrained ● Benchmark aware* ● Benchmark unconstrained● High Yield allowed up to 30% ● No High Yield ● High Yield allowed● Up to 100% IG and 25% EM Debt ● Limits of 50% Credit & 25% EM Debt** ● No fixed limits, but well diversified● Income seeking, but through ● Focus on high quality global ● Income seeking, but total return investment in high quality bonds government and corporate bonds orientated A multi-strategy solution without A more conservative way to exploit A more aggressive way to exploit many sleepless nights global bond & currency markets global bond & currency markets Two sides of the same coin* Barclays Global Aggregate for performance comparisons** Please note these are internal limits and are subject to changePage 27 | Emerging Market Debt – risk asset or safe haven? | June 201209175

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Important informationThis document is not for general public distribution. If you are a private investor and receive it as part of a general circulation, pleasecontact us at +44 (0)20 7597 1900.The information discusses general market activity or industry trends and should not be construed as investment advice. The economicand market forecasts presented herein reflect our judgment as at the date shown and are subject to change without notice. Theseforecasts will be affected by changes in interest rates, general market conditions and other political, social and economic developments.There can be no assurance that these forecasts will be achieved. Investors are not certain to make profits; losses may be made.The information contained in this document is believed to be reliable but may be inaccurate or incomplete. Any opinions stated arehonestly held but are not guaranteed and should not be relied upon.This communication is provided for general information only. It is not an invitation to make an investment nor does it constitute an offerfor sale and is not a buy, sell or hold recommendation for any particular investment.In the U.S., this communication should only be read by institutional investors, professional financial advisers and, at their exclusivediscretion, their eligible clients, but must not be distributed to U.S. persons.In Australia, this document is provided for general information only to wholesale clients (as defined in the Corporations Act 2001). It is notan invitation to make an investment nor does it constitute an offer for sale.Outside the U.S., telephone calls may be recorded for training and quality assurance purposes. Issued by Investec Asset ManagementLtd (IAM), June 2012. IAM is authorised and regulated by the Financial Services AuthorityPage 35 | Emerging Market Debt – risk asset or safe haven? | June 201209175